Delaware License LawIntermediateDelaware Exam
Under Delaware law, when must a licensee disclose in writing that they are a licensed real estate professional when buying or selling property for themselves?
AOnly when selling property in their county of residence
BIn all transactions where they act as a principal (buyer or seller)Correct
COnly in commercial transactions involving more than $1 million
DOnly when acting as the listing agent for their own property
Why In all transactions where they act as a principal (buyer or seller) Is Correct
Answer B: In all transactions where they act as a principal (buyer or seller)
Delaware licensees who are buying or selling property for themselves must disclose their licensed status in writing in all transactions where they are acting as a principal party — as either buyer or seller.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
State-Specific Concepts
License Law
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